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What happened in 2021 Q1?

We have closed an amazing business quarter, let's see what has happened with all the companies within the Innonic portfolio.
Bitninja

All 50 people now at BitNinja took a huge role in the award-winning series that the company stroke this quarter.

They were not just the 5th scaleup in Hungary and the 12th hottest startup, but they won a ton of international awards.

The 17th Annual 2021 Globee® Cyber Security Global Excellence Awards program honors achievements in every facet of security and information technology.

BitNinja Technologies won the following awards:

🥇 Security-as-a-Service GOLD WINNER
🥉 Start-up of the year BRONZE WINNER

The 2021 Cybersecurity Excellence Awards honor individuals, products, and companies that demonstrate excellence, innovation, and leadership in information security. BitNinja Technologies won in multiple categories, including Anti Malware, Bot Defense, and Cybersecurity-as-a-Service.

OptiMonk

Compared to the 2020Q1 the ARR increased more than $448,000 and reached the $2.2M milestone.

The normalized revenue is 44% higher than in 2020 Q1. OptiMonk's assisted revenue has skyrocketed and reached more than $44M.

OptiMonk has just been recognized as a Top Performer by SourceForge. The SourceForge category Top Performer is awarded to select products that have recently attained significant praise from user reviews on SourceForge.

After the successful Ecommerce Revolution show in Hungary, OptiMonk has started to build an international community. This is a great place where members of the online merchant community gather to learn the newest trends in online marketing and how to compete with giants like Amazon. Every week, they share the hottest and latest marketing strategies of online stores, good examples of real-life businesses, Q&A, and more.

Conversific

Conversific revenue is 60% higher than in the 2020 Q4, and 77% of this comes from the international market.

More than 30,000 companies have registered on the platform from 180 countries, and the main focus areas are the United States and the Anglo-Saxon countries. Conversific's new product vision Flow is on the way and soon to be ready for launch. They have been selected to be part of two startup program: 

  • Microsoft for Startups program
  • Google for Startups: Growth Academy program

These two programs provide a software package worth $120,000 and the opportunity to the Google knowledge base, training, and mentors.

CodersRank
Sales processes are enhanced and Codersrank became the ultimate profile for developers, with over 45.000 registered engineers, among them, 6000+ job seekers.
More enterprise deals are on the way with CISCO and BlackRock. Our raise has just started, so please let me know by simply replying to this email if you are interested in getting in the next round.
Recart
Recart became the highest-ranked company from the Innonic portfolio on Forbes Magazine's  "The hottest Hungarian Startups 2021" list as the 10th placed startup. The R&D will continuously scale in the Budapest office as Recart is opening up new platforms.
The most important release is that Recart is improving the sales channels with SMS availability. Also, they are scaling up the team by hiring a customer success manager and a partnership manager in the next round to strengthen the presence in the US.
N-Hance.io
The 2nd of May will mark the first anniversary of the first code ever made in the project. This was motivated by the fact that the beloved Wunderlist to-do app was canceled and they didn't want to move to another app that defines productivity by 'moving faster' instead of 'moving in the right direction'.
Now, 12 000+ code lines, 500 commits, and more than 1000+ clocked in hours later N-hance.io is on a mission to become much more than a personal productivity tool. It wants to be the personal guidance system for the digital world, a software that levels the playing field between the rapid digital evolution and the lagging evolution of the human brain.

To achieve this ambitious goal, our focus will be to continuously shorten the path between the information needed to make the right decisions and the time of the actual decision.

Today N-hance.io is ready for closed beta. Our mission is to provide a personal compass for 1 billion people for a more conscious future, one decision at a time by committing to do the right task. If you want to try the app please write an e-mail to Gábor.
News
We are happily announcing that Innonic has made it to the Hungarian Forbes magazine with its innovative approach to startups. Csaba Zajdó gave an interview about the past, present, and future of the companies that belong to the portfolio. You can check it out in the April 2021 issue.

Furthermore, Forbes made its annual list about "The Hottest Startups in Hungary 2021". Recart (10th) and Bitninja (12th) are placed in the first 25. The most important and highly ranked startup professionals gathered from Hungary and voted 4 of our investments in the "The Top 15 best Scale-ups in Hungary" list, Bitninja (5th), Recart (10th), Optimonk (11th), and Conversific (12th).
Want to know more? Here is my email!

We will send regular updates every quarter to your mailbox. If you need more details or have specific questions, I am always here to help you!

Drop me a line: Miklós Kovács, miklos.kovacs@innonic.com.

If you have an investor friend or someone interested in e-commerce, just forward this email to him/her! Thank you for your attention!
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